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Car Sales Down in Germany, France, and Italy; The US is Next

JiminGA Wrote: Mar 05, 2013 6:54 AM
The recently reported sales increases in the US were supported by massive sub-prime lending/leasing, creating another unsustainable bubble. Further, the car companies pushed inventory to the dealers, counting those cars as "sold" while they sit on dealers' lots. Those sales were "stolen" from the future and will depress future sales.

European bulls lauding the message "the worst is behind" received another dose of reality today. Data shows German car sales plunge as Europe's auto crisis deepens.

New car sales in Germany fell by more than 10 percent year-on-year in February, signaling the crisis for Europe's auto makers is deepening as recession-hit consumers curb spending. New car sales in the region dropped to a 17-year low in 2012.

Speaking ahead of the industry meeting in Geneva, the...